Proof of Stake (PoS)

Definition

Proof of Stake (PoS) is an algorithm by which a cryptocurrency’s blockchain aims to achieve distributed consensus.

Unlike Proof of Work or PoW, a person can validate transactions and create new blocks based on their individual wealth (stake) such as the total number of coins owned. One of the key advantages that PoS has over PoW is lower energy consumption.

Japan’s financial regulator on Monday ordered Coincheck to get its act together after hackers stole $530 million worth of digital money from its exchange, jolting the nation’s cryptocurrency market in one of the biggest cyber heists.

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